Oct 26, 2012 3:00pm EDT
at first blush. kayla takes us inside the citi shake-up. >> when mike o neil was staped at city's chairman, they got the feeling a shake-up would be coming and the report by the new york times reports a picture of pandit's last date marked by shock after what he believed to be strong earnings. one said he resigned immediately and another resigning at year-end and third being fired without cause. he chose to leave immediately. coo john havens agreed to leave within minutes. the following day, pan dit said the move was his choice and based on that quarter's earnings that he would be leaving citi in good hands. a former bank of america executive and bank of hawaii, o neil joined the board and became chairman when dick parsons resigned earlier. they were long preparing for pandit's recession and took an unusual turn in the ongoing succession plans holding talks with two candidates for the vacanted coo role which has yet to be filled. >> it's amazing, thanks, if that departure scenario is true, that mikes michael o neill is making all decisions and forcing his agenda. >> let's talk about that a
Oct 16, 2012 3:00pm EDT
is going on here, but let me get anton in first. you're a shareholder of citi? >> i am, indeed. >> what's your next move? how do you see it? >> i'm going continue to hold. i think michael o'neil has a long history of creating valued companies he's been with. i think the transition here is important. michael corbat is very well respected by the regulators. the process is so critical because citi really generates a ton of capital. i think the ability to return some capital through buy backs, through increased dividends is critical. i think the upside to citi has been kind of, you know, sped up here. i think vikram was doing a lot of the right things, but the regulators did not like him. >> you've been waiting for a dividend too. they couldn't pay a dividend after failing the stress test. as a shareholder, are you frustrated? does it make sense it was time for him to go? >> well, i don't think it was time for him to go, but unfortunately the relationship historically was very bad with the regulators, particularly sheila bear, who really embarrassed him by what she wrote in the book about h
Oct 17, 2012 3:00pm EDT
-year stint. first of all, back in march, keep in mind the federal reserve rejected citi's request to raise its dividend. then in april, shareholders rejected pandit's $15 million pay package, even after two years of a voluntary pay cut. that same dai citi n director michael o'neill chairman. o'neill is a much more hands-on chairman, a trait tra fueled the tension between him and pandit. in july, another misstep. citi overvalued the joint venture it has with morgan stanley. last friday, a person who saw pandit in tokyo said he didn't speak like a man about to lose his job. all of this combing to the fore on monday. that's when citi reported very strong third-quarter earnings. pandit gives no hint on an analyst call he's about to resign. sources say the bank's recent m missteps and differences between pandit and o'neill led to his resignation late monday. one top citi official telling cnbc there had been conversations about pandit and the board about his leaving for multiple weeks. the board having already identified a successor. so after pandit resigns, some of the members of the operating
Oct 31, 2012 3:00pm EDT
in new york city but all across the eastern seaboard and we're working with the city and the state and the federal government first of all, kudos to the first responders. they did an incredible job and also to all the employees that were working in these buildings 24/7 for the last few days in particular people working in my building, we almost lost two people with the floods coming in so we're very, very lucky. the effort's ongoing. we're working with con-ed and the city and one of the other priorities is to help relocate some of the companies that have not had the ability to go back in their buildings a little bit. we're assessing our buildings. we sustained storm damage in some of them, not structural but electrical, other buildings are perfectly fine and we're just waiting for con ed to turn on the power as soon as the city lifts the no fly zone, so to speak downtown we'll be able to get them back in but it's going to take some buildings a lot. lot of buildings downtown took significant damage. >> that's an important point that you're helping some companies relocate even if it'